Australia’s Three New Crypto Exchange-Traded Fund Face Last-Minute Delays

The launch of three new cryptocurrency exchange-traded funds (ETFs) in Australia faces last-minute delays less than a week after they were officially announced, undermining the country’s bid to be the top destination for digital assets in the developed countries world. After being on track to beat the US to the launch of a Bitcoin spot ETF, the delay is likely to undermine Australia’s desire to emerge as a top destination…Read more: https://t.co/bPRCRtcdPC — webnow🌎 (@webnowcompany) April 26, 2022 On April 27, the funds were set to go live on Australia’s Cboe market. However, this has been postponed due to delays caused by parties unrelated to the ETFs or the exchange. There hasn’t been any new information about the debut date. Head of product at Australia’s ETFS Management said, “We have become aware late on Friday that a downstream service provider may not be fully ready to support the launch of the Bitcoin and Ethereum ETFs,” ETF Securities, along with Switzerland-based 21Shares AG, is behind a Bitcoin and Ethereum spot-traded fund introduced last Tuesday. On the same day, Australia’s Cosmos Asset Management unveiled its third ETF, the Canadian Purpose Bitcoin ETF, which invests in Bitcoin. An ETF is a financial product that tracks the price of an underlying asset like a share that can be exchanged on stock exchanges, allowing investors to gain exposure to assets that they might not be able or willing to participate indire...